Darden Restaurants Inc. Chief Executive Officer Clarence Otis, who came under fire from activist investors for his turnaround strategy, plans to step down as chairman and CEO by the end of the year.
Otis will continue as CEO until a successor is appointed or Dec. 31, whichever comes first, the Orlando, Florida-based company said in a statement. Charles Ledsinger, currently Darden’s independent lead director, is becoming chairman of the board, splitting up the two jobs that Otis had held.
